FAQ - Master Promissory Note & Entrance Counseling - Evangel University be_ixf;ym_202008 d_07; ct_50

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FAQ: Master Promissory Note (MPN)

  1. What is the MPN?
    This document holds the information pertaining to your Rights and Responsibilities and Terms and Conditions for repayment of any federal loans borrowed during your time as an undergraduate student. Signing this document says that you agree to repay your loans after you have completed your degree or drop below half-time status of enrollment.
  2. Do I have to complete this every year?
    No! This document does not need to be re-signed each year. Once complete, the document should be good for about ten years.
  3. When should I complete it?
    After you have accepted the federal loans offered on your financial aid package.
  4. Where do I go to sign it?
    To complete this form, you can use the link that is in your Financial Aid Portal under Documents, or visit https://studentaid.gov/mpn/, and click on the Complete a Loan Agreement (Master Promissory Note).There are two options as to which agreement to fill out: I’m an Undergraduate Student or I’m a Graduate/Professional Student. You will need your FSA ID log-in information to be able to proceed. **There is also a demo option that you can do to make sure you have the correct information to complete. Any information in this demo will not be saved to your actual MPN.
  5. How long will it take to complete?
    The document should not take more than 30 minutes to complete.
  6. How long does it take to process?
    Our processors are typically able to pull the information within 24-48 hours.
  7. Does MPN expire?
    The note expires after ten years.
  8. What happens if I don’t complete this?
    If you accept loans on your package and do not complete the MPN, you will not be able to move through your registration checklist and the aid will not disburse until it has been finished.

 

FAQ: Entrance Counseling

  1. What is Entrance Counseling?
    This is a mandatory process that is intended to help you better understand the responsibilities that you will be taking on by borrowing federal loans. It is a series of information pages and questions to check your knowledge to ensure that you understand what it means to borrow loans, interest rates, and to educate you on repayment options. It also references budgets and how to use a budget to track income and expenses.
  2. Do I have to do this every year?
    No, once you’ve done it the first time, it is not required again.
  3. When should I complete this?
    This should be completed after you accept your federal loans, and the MPN is already completed.
  4. Where do I go to fill it out?
    To complete this form, you can use the link that is in your Financial Aid Portal under Documents, or visit https://studentaid.gov/app/counselingInstructions.action?counselingType=entrance. You need your FSA ID username and password to log in and start the document. **There is also a view demo option here. Anything completed in the demo option will not be saved in the actual Entrance Counseling.
  5. Does the information have to be accurate?
    The process is intended to educate you on the financial impact of loans, so the information input does not have to be correct. However, the more accurate the information, the better you may understand how taking loans could affect your life. It’s advised that you use an average salary for your career choice, or a little lower, to have the most accurate information.
  6. How long does it take to complete?
    This process can take a bit longer since it checks your knowledge points along the way, and the information is in greater detail. We advise setting aside 45 minutes to an hour to complete.
  7. How long does it take to process?
    Once submitted, the information can take 24 to 48 hours to process into our system.
  8. Does Entrance Counseling expire?
    This process does not expire.
  9. What happens if I don’t complete this?
    If you accept loans on your package and do not complete the EC, you will not be able to move through your registration checklist and the aid will not disburse until it has been finished.